The case pertains to an application filed by Omkara Assets Reconstruction Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Vidhata Metal Private Limited, the Corporate Debtor. The application is based on the Corporate Debtor's alleged default in payment of Rs. 42,46,49,737 as of 31.10.2023. The original lender, State Bank of India, had sanctioned various credit facilities to the Corporate Debtor, which were later assigned to ASREC (India) Limited and subsequently to Omkara Assets Reconstruction Private Limited. The Corporate Debtor's accounts were classified as Non-Performing Asset (NPA) on 31.03.2015. The applicant claims that the Corporate Debtor has defaulted
…Vidhata Metal Private Limited (Corporate Debtor) defaulted on payments to its lender. State Bank of India (original lender) sanctioned credit facilities to the Corporate Debtor via arrangement letters dated 2012-04-10, 2012-06-26, and 2013-02-06. These facilities included a demand cash credit facility of Rs. 20,00,00,000, a term loan of Rs. 4,36,00,000, a letter of credit facility of Rs. 10,00,00,000, a bank guarantee of Rs. 2,00,00,000, and a forward contract of Rs. 12,50,000. The debt was assigned to ASREC (India) Limited on 2019-11-28 and subsequently to Omkara Assets Reconstruction Private Limited (Applicant) on 2022-03-17. The Corporate Debtor's accounts were classified as NPA on 2015-03-31. The original lender issued a notice under Section 13(4) of the SARFAESI
…Sign in to view the parties.
State Bank of India…
State Bank of India…
The case pertains to an application filed by Omkara Assets Reconstruction Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Vidhata Metal Private Limited, the Corporate Debtor. The application is based on the Corporate Debtor's alleged default in payment of Rs. 42,46,49,737 as of 31.10.2023. The original lender, State Bank of India, had sanctioned various credit facilities to the Corporate Debtor, which were later assigned to ASREC (India) Limited and subsequently to Omkara Assets Reconstruction Private Limited. The Corporate Debtor's accounts were classified as Non-Performing Asset (NPA) on 31.03.2015. The applicant claims that the Corporate Debtor has defaulted
…Vidhata Metal Private Limited (Corporate Debtor) defaulted on payments to its lender. State Bank of India (original lender) sanctioned credit facilities to the Corporate Debtor via arrangement letters dated 2012-04-10, 2012-06-26, and 2013-02-06. These facilities included a demand cash credit facility of Rs. 20,00,00,000, a term loan of Rs. 4,36,00,000, a letter of credit facility of Rs. 10,00,00,000, a bank guarantee of Rs. 2,00,00,000, and a forward contract of Rs. 12,50,000. The debt was assigned to ASREC (India) Limited on 2019-11-28 and subsequently to Omkara Assets Reconstruction Private Limited (Applicant) on 2022-03-17. The Corporate Debtor's accounts were classified as NPA on 2015-03-31. The original lender issued a notice under Section 13(4) of the SARFAESI
…State Bank of India…
State Bank of India…